PEMYX vs. TEQLX

Last updated Aug 4, 2026

PEMYX (Putnam Emerging Markets Equity Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, PEMYX returned 10.89%/yr vs 8.80%/yr for TEQLX. Their correlation of 0.94 means they have usually moved in the same direction. PEMYX charges 1.08%/yr vs 0.19%/yr for TEQLX.

Performance

PEMYX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Equity Fund (PEMYX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEMYX achieves a 20.03% return, which is significantly higher than TEQLX's 18.66% return. Over the past 10 years, PEMYX has outperformed TEQLX with an annualized return of 10.89%, while TEQLX has yielded a comparatively lower 8.80% annualized return.

PEMYX

• 1D: 2.17%
• 1M: -1.99%
• 6M: 9.84%
• YTD: 20.03%
• 1Y: 38.28%
• 3Y*: 23.38%
• 5Y*: 7.96%
• 10Y*: 10.89%
• ALL TIME*: 7.16%

TEQLX

• 1D: 2.08%
• 1M: -1.42%
• 6M: 9.89%
• YTD: 18.66%
• 1Y: 37.21%
• 3Y*: 18.77%
• 5Y*: 7.42%
• 10Y*: 8.80%
• ALL TIME*: 5.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PEMYX Putnam Emerging Markets Equity Fund	$0.00	$0.00	$0.00
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	$0.00	$0.00	$0.00

PEMYX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEMYX Putnam Emerging Markets Equity Fund	20.03%	33.48%	16.22%	12.16%	-27.42%	-3.85%	37.11%	22.70%	-17.39%	42.73%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	18.66%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between PEMYX and TEQLX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.94

The correlation between PEMYX and TEQLX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

PEMYX vs. TEQLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PEMYX

PEMYX Risk / Return Rank: 60
PEMYX Sharpe Ratio Rank: 58
PEMYX Sortino Ratio Rank: 47
PEMYX Omega Ratio Rank: 62
PEMYX Calmar Ratio Rank: 74
PEMYX Martin Ratio Rank: 60

TEQLX

TEQLX Risk / Return Rank: 58
TEQLX Sharpe Ratio Rank: 56
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 60
TEQLX Calmar Ratio Rank: 74
TEQLX Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PEMYX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Equity Fund (PEMYX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PEMYX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.54	+0.02
Sortino ratio: Return per unit of downside risk	2.06	2.03	+0.02
Omega ratio: Gain probability vs. loss probability	1.30	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.53	2.49	+0.04
Martin ratio: Return relative to average drawdown	8.32	7.94	+0.38

PEMYX vs. TEQLX - Sharpe Ratio Comparison

The current PEMYX Sharpe Ratio is 1.56, which is comparable to the TEQLX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of PEMYX and TEQLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PEMYX vs. TEQLX - Drawdown Comparison

The maximum PEMYX drawdown since its inception was -45.25%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for PEMYX and TEQLX.

Drawdown Indicators

	PEMYX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-45.25%	-39.33%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-14.29%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-15.97%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-40.49%	-34.45%	-6.04%
Max Drawdown (10Y) Largest decline over 10 years	-45.16%	-39.33%	-5.83%
Current Drawdown Current decline from peak	-9.25%	-9.11%	-0.14%
Average Drawdown Average peak-to-trough decline	-16.28%	-14.52%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	4.47%	-0.09%

Volatility

PEMYX vs. TEQLX - Volatility Comparison

Putnam Emerging Markets Equity Fund (PEMYX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) have volatilities of 10.16% and 9.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMYX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.16%	9.80%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	21.21%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.37%	23.10%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	18.06%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	18.15%	+0.28%

PEMYX vs. TEQLX - Expense Ratio Comparison

PEMYX has a 1.08% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

PEMYX vs. TEQLX - Dividend Comparison

PEMYX's dividend yield for the trailing twelve months is around 0.65%, less than TEQLX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEMYX Putnam Emerging Markets Equity Fund	0.65%	0.78%	1.85%	0.99%	0.00%	5.27%	1.78%	1.40%	2.16%	0.24%	1.18%	1.50%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.38%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both PEMYX and TEQLX in my portfolio?

With a correlation of 0.98, PEMYX and TEQLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PEMYX or TEQLX?

PEMYX has higher volatility (10.16%) compared to TEQLX (9.80%). In terms of maximum drawdown, PEMYX dropped -45.25% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

PEMYX currently has the higher Sharpe Ratio (1.56 vs 1.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.